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Borrower files bankruptcy, now what?

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Borrower Files Bankruptcy...  now what?
 

Question:         

What happens if the home borrower tries to file Bankruptcy in order to stay in the home?

 

ANSWER:

That might work out fine since the Court collects their monthly payments in a Chapter 13 BK and pays the note holder directly.

 

1.       The note owner will not be earning as high of a return through BK, but he is still earning a decent return because he only paid 55% of value.

 

2.       The note holder has a choice to keep the note with the lower return or it can be re-sold to another note buyer. 

 

3.       The new note buyer may like the fact that the Court is collecting the payments for him.

 

4.       If they file a Chapter 7 or Chapter 11, JUST TO STALL MOVING OUT... then, we will align ourselves with a 3rd Party legal service to get them out.    It could cause a 45-day delay in CA, but each State is different, so you will need REPS to guide you with choosing your Note from a vacant property versus an occupied property.

 
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